SuperAlloy Industrial Co. (1563 TT) 2026Q2 法說會簡報
Disclaimers
The information contained in this confidential document ("Presentation") has been prepared by SuperAlloy Industrial Company Ltd. (the "Company"). It has not been fully verified and is subject to material updating, revision and further amendment. While the information contained herein has been prepared in good faith, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers gives, has given or has authority to give, any representations or warranties (express or implied) as to, or in relation to, the accuracy, reliability or completeness of the information in this Presentation, or any revision or supplement thereof, or of any other written or oral information made or to be made available to any interested party or its advisers (all such information being referred to as "Information") and liability therefore is expressly disclaimed. Accordingly, neither the Company nor any of its shareholders, directors, officers, agents, employees or advisers takes any responsibility for, or will accept any liability whether direct or indirect, express or implied, contractual, tortious, statutory or otherwise, in respect of, the accuracy or completeness or injury of the Information or for any of the opinions contained herein or for any errors, omissions or misstatements or for any loss, howsoever arising, from the use of this Presentation or the information.
Neither the issue of this Presentation nor any part of its contents is to be taken as any form of commitment on the part of the Company to proceed with any transaction and the right is reserved by the Company to terminate any discussions or negotiations with any prospective investors. In no circumstances will the Company be responsible for any costs, losses or expenses incurred in connection with any appraisal or investigation of the Company. In furnishing this Presentation, the Company does not undertake or agree to any obligation to provide the recipient with access to any additional information or to update this Presentation or to correct any inaccuracies in, or omissions from, this Presentation which may become apparent. This Presentation should not be considered as the giving of investment advice by the Company or any of its shareholders, directors, officers, agents, employees or advisers. Each party to whom this Presentation is made available must make its own independent assessment of the Company after making such investigations and taking such advice as may be deemed necessary. In particular, any estimates or projections or opinions contained herein necessarily involve significant elements of subjective judgment, analysis and assumptions and each recipient should satisfy itself in relation to such matters.
This Presentation includes certain statements that may be deemed "forward-looking statements". All statements in this discussion, other than statements of historical facts, that address future activities and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, continued availability of capital and financing, general economic, market or business conditions and other unforeseen events. Prospective Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in forward-looking statements.
Company Overview
巧新公司關鍵定位與未來展望：
- 汽車產業技術基礎
- 全球知名車廠驗證
- 高強度鍛造技術
- 嚴謹品質管理
- 跨足半導體應用
- 延伸至半導體設備與零組件
- 切入高規格製造場域
- 高品質高潔淨再生鋁循環
- 再生鋁循環技術
- 高品質、可追溯
- 高潔淨材料應用
- 支援範疇三減碳
- 降低材料碳足跡
- 強化綠色供應鏈
- 創造循環經濟價值
關鍵價值
- 高強度
- 高品質
- 高潔淨
- 低碳循環
以車用等級鍛造實力為基礎，結合再生鋁循環技術，協助半導體產業兼顧性能、潔淨度與永續減碳。
巧新進入半導體產業的四大核心優勢：
- 三十年以上鋁材料開發專業
- 憑藉逾30年深厚的鍛造技術，巧新在鋁合金材料的研發與製造上具備獨特優勢，掌握從材料選擇、鍛造工藝到表面處理的全方位技術。
- 進口替代的關鍵角色
- 生產高潔淨度的鍛造鋁材產品，有效替代目前主要依賴進口，用於關鍵零組件加工之鋁材，將有效協助台灣半導體產業降低對國外供應商的依賴。
- 非紅供應鏈的優勢
- 全球半導體供應鏈正加速去中化，巧新作為台灣企業，在地緣政治趨勢中具備強大的信任優勢，成為國際半導體設備商的理想合作夥伴。
- 效率與成本的優勢
- 透過高效率的產線配置，巧新能有效縮短交貨時間並確保品質穩定，提供給半導體供應鏈廠商比進口材料更近成形、成本效益具競爭力的鋁合金材料。
Financial Highlights
2Q26 損益表 (新台幣 百萬)
| 項目 | 2Q26 | 1Q26 | 2Q25 | QoQ (%) | YoY (%) |
|---|---|---|---|---|---|
| 營業收入 | 1,980 | 1,872 | 1,715 | 5.76 | 15.45 |
| 營業毛利 | 482 | 412 | 340 | 16.90 | 41.83 |
| 毛利率 | 24.32% | 22.01% | 19.80% | 10.53 | |
| 營業費用 | 287 | 249 | 196 | 15.34 | 46.12 |
| 營業費用率 | 14.49% | 13.29% | 11.45% | 9.05 | |
| 營業損益 | 195 | 163 | 143 | 19.28 | 35.95 |
| 營業利益率 | 9.83% | 8.72% | 8.35% | 12.78 | |
| 淨非營業損益 | -106 | 0.32 | -229 | (33,062.73) | (53.66) |
| 稅前損益 | 88 | 163 | -86 | (45.88) | (203.02) |
| 所得稅費用 | 17 | 33 | -21 | (47.46) | (182.07) |
| 非控制權益 | 0.07 | 0.04 | 0.00 | 102.78 | |
| 淨利歸屬於母公司業主 | 71 | 131 | -65 | (45.47) | (209.78) |
| 淨利率 | 3.60% | 6.98% | -3.79% | (48.44) | |
| 每股盈餘 (新台幣元) | 0.33 | 0.60 | -0.29 | (45.00) | (213.79) |
1H26 損益表 (新台幣 百萬)
| 項目 | 1H26 | 1H25 | YoY % |
|---|---|---|---|
| 營業收入 | 3,852 | 3,633 | 6.02 |
| 營業毛利 | 893 | 885 | 0.98 |
| 毛利率 | 23.20% | 24.35% | |
| 營業費用 | 536 | 443 | 21.04 |
| 營業費用率 | 13.91% | 12.18% | |
| 營業損益 | 358 | 442 | (19.09) |
| 營業利益率 | 9.29% | 12.17% | |
| 淨非營業損益 | -106 | -85 | 23.80 |
| 稅前損益 | 252 | 357 | (29.37) |
| 所得稅費用 | 50 | 68 | (26.08) |
| 非控制權益 | 0.1 | 0.0 | 0.00 |
| 淨利歸屬於母公司業主 | 202 | 289 | (30.15) |
| 淨利率 | 5.24% | 7.96% | |
| 每股盈餘 (新台幣元) | 0.93 | 1.28 | (27.31) |
2Q26 資產負債表 (新台幣/百萬)
| 項目 | 2Q26 $ | 2Q26 % | 1Q26 $ | 1Q26 % | 2Q25 $ | 2Q25 % | QoQ (%) | YoY (%) |
|---|---|---|---|---|---|---|---|---|
| 資產 | ||||||||
| 現金及約當現金 | 3,498 | 18 | 2,765 | 14 | 2,452 | 13 | 26.5 | 42.7 |
| 應收帳款及票據 | 1,067 | 5 | 953 | 5 | 992 | 5 | 11.9 | 7.6 |
| 存貨 | 5,946 | 30 | 6,240 | 31 | 6,372 | 35 | (4.7) | (6.7) |
| 流動資產 | 246 | 1 | 931 | 5 | 415 | 2 | (73.6) | (40.7) |
| 按攤銷後成本衡量之金融資產 - 非流動 | 44 | 0 | 44 | 0 | 41 | 0 | (0.4) | 6.6 |
| 不動產廠房及設備 | 8,549 | 43 | 8,640 | 43 | 7,620 | 42 | (1.0) | 12.2 |
| 其他非流動資產 | 400 | 2 | 367 | 2 | 319 | 2 | 9.2 | 25.4 |
| 資產總額 | 19,750 | 100 | 19,939 | 100 | 18,211 | 100 | (0.9) | 8.4 |
| 負債與權益 | ||||||||
| 流動負債 | 5,646 | 29 | 5,754 | 29 | 5,292 | 29 | (1.9) | 6.7 |
| 銀行借款 - 非流動 | 5,694 | 29 | 5,834 | 29 | 4,111 | 23 | (2.4) | 38.5 |
| 其他非流動負債 | 85 | 0 | 96 | 0 | 24 | 0 | (11.5) | 249.9 |
| 負債總額 | 11,424 | 58 | 11,684 | 59 | 9,427 | 52 | (2.2) | 21.2 |
| 股本 | 2,256 | 11 | 2,256 | 11 | 2,308 | 13 | 0.0 | (2.2) |
| 股東權益總額 | 8,326 | 42 | 8,255 | 41 | 8,784 | 48 | 0.9 | (5.2) |
Products & Technologies
從全球頂尖鍛造輪圈到半導體先進製程前段設備關鍵零組件
巧新於三年前即開始進行半導體先進製程前段設備關鍵零組件與耗材的原料研發與製程優化。憑藉四大核心優勢，巧新目標成為半導體供應鏈中的生力軍，為台灣半導體供應鏈提供頂尖且強大的本土支持。
半導體設備鍛造鋁材應用領域
半導體製造流程包括：
- Wafer Process (Front-end): Deposition, Lithography, Etching, Cleaning, Isolation Formation/Gate Formation, Ashing/Cleaning, Gate Electrode, Oxide/Nitride Film deposition, Photoresist coating, Exposure, Development.
- Assembly and Test process (Back-end): Interconnect formation, Testing, Packaging/Inspection, Contact Formation, Wafer Probe Testing, Wafer Bonding/Debonding, Inspection, Packaging/Assembly. 巧新鍛造鋁材應用於這些流程中的設備零組件。
RESAICAL®
- RESAICAL® 跨產業客戶採用推進 (半導體、鍛造、擠型)。
Clients & Markets
產業痛點與市場背景
半導體關鍵零組件挑戰
- 痛點一: 加工昂貴與極高材料浪費
- 半導體腔體關鍵零件傳統上採用國外進口鋁壓延板 CNC 切削加工，從原料至零件成品有高過70%的材料需加工移除，造成極高的生產成本與資源浪費。
- 痛點二: 綠色減碳與淨零硬性目標
- 晶圓製造大廠與半導體設備大廠相繼宣佈 2030/2050 淨零碳排目標，供應鏈對於達成 Scope 3 (範疇三) 減碳目標有迫切的壓力。
- 痛點三: 供應鏈韌性與運輸成本
- 跨國長途航運交期長 (歐美海運長達 7-8 週)，若採空運則成本極高且碳排放量大，嚴重影響全球供應鏈彈性。
◎ 關鍵市場驅動力 高昂成本、減碳政策與供應鏈短鏈化趨勢，正強烈驅動半導體產業尋求高材料利用率、低碳排放與在地化供應的新一代製造技術方案。
半導體設備應用目標客戶
Semiconductor Manufacturing Equipment Market Report 2026
- CAGR 2026-2030: 9.9%
- Market Size (in USD Billion):
- 2025: $122.22 billion
- 2026: $134.21 billion
- 2030: $196.07 billion
Wafer Fab Equipment
- Litho: ASML
- Deposition: APPLIED MATERIALS
- Etch: Lam, KLA
- Process: RESEARCH
- Fabs: intel, SAMSUNG, TSMC, SK hynix
- Packaging: ASE GROUP, Esme, intel, mkor, SAMSUNG, SK hynix
- Other WFE/Semicap:
- Ion Implant: APPLIED MATERIALS
- Coaters: TEL
- Wafers & Chemicals: Shin-Etsu
- Testing: ADVANTEST, TER
全球半導體鋁合金應用市場規模推估
資料基礎: 依使用者提供之圖表數據重新整理，將基準年度由2025年調整為2026年，並延伸至2031年。
全球半導體設備關鍵零組件與腔體鋁合金應用
- 需求與產值預估 (美金計價)
- CAGR 2026-2030: 6.6%
- 註: 以2026年為基準，後續年度依CAGR 6.6%推估；金額為加工後應用產值估算。
| 年度 | 需求量 (噸) | 產值 (百萬美元) | 低碳/再生鋁 |
|---|---|---|---|
| 2026 | 101,270 | 4,184 | |
| 2027 | 107,954 | 4,460 | 5-10% |
| 2028 | 115,079 | 4,755 | 10-20% |
| 2029 | 122,674 | 5,068 | 20-30% |
| 2030 | 130,770 | 5,403 | 30-40% |
| 2031 | 139,401 | 5,759 | 40%+ |
全球半導體非關鍵鋁材
- 需求與營收預估 (美金計價)
- CAGR 2026-2030: 17.2%
- 註: 以2026年Excel數據為基準並依CAGR 17.2%推估；2027年起導入再生鋁情境。
| 年度 | 需求量 (噸) | 營收 (百萬美元) | 低碳/再生鋁 |
|---|---|---|---|
| 2026 | 11,187 | 319 | |
| 2027 | 13,111 | 374 | 全數導入再生鋁 |
| 2028 | 15,366 | 438 | 全數導入再生鋁 |
| 2029 | 18,009 | 514 | 全數導入再生鋁 |
| 2030 | 21,107 | 602 | 全數導入再生鋁 |
| 2031 | 24,737 | 705 | 全數導入再生鋁 |
ESG / Sustainability
半導體產業應用的長期經營目標
打造半導體循環經濟: 三階段成長藍圖 從材料回收 → 半導體耗材 → 循環經濟平台，創造高價值與永續競爭力
減碳效益
- 最高達 95% 相較原生鋁減少碳排放
滿足全球ESG趨勢
- 協助供應鏈減碳
切入高成長市場
- 再生材料與耗材需求快速擴張
高門檻×高黏著度
- 建立競爭優勢與客戶長期關係
循環創價×長期價值
- 創造永續獲利與企業價值
階段一、二並行推進中
階段一: 再生鋁材料運用 建立再生材料供應基礎
- 目前狀態: 準備開始
- 可追溯再生鋁料，符合綠色採購
- 應用於無塵室、廠房結構、設備框體
- 協助供應鏈減碳，符合ESG要求
- 目標
- 建立再生材料供應能力
- 切入綠色採購市場
- 策略重點
- 完成產線建置與驗證
- 取得客戶認證與導入
階段二: 先進製程設備週期性零件導入 切入半導體高門檻耗材市場
- 目前狀態: 材料驗證階段
- 導入晶圓製造設備週期性耗材 (如噴頭等)
- 高技術門檻，驗證後黏著度高
- 穩定供貨，創造長期營收與客戶信任
- 目標
- 通過材料驗證
- 打入設備供應鏈
- 策略重點
- 加速驗證進程
- 與大廠建立合作關係
最終目標: 走向階段三
階段三: 產業內循環永續經濟平台 建構半導體循環經濟生態系
- 最終目標
- 廠房建材再生材料
- 無塵室系統回收再製
- 設備零件再生耗材
- 設備零件回收再製
- 建材、無塵室、設備零件全方位循環
- 整合回收、再製、再利用，降低原生鋁依賴
- ESG溢價+政策紅利，創造長期競爭力
- 整合模式
- 回收→再製→再利用
- 形成閉環
- 合作價值
- 與客戶共創ESG價值
- 提升供應鏈韌性
- 長期發展
- 平台化擴展
- 創造永續成長
Outlook & Strategy
2026營運展望
CAPITAL STRUCTURE (優化資本結構) 推動鋁材永續循環投資
- -25% 現金減資
- 2024/10 投資子公司伽億
- 屏東伽億熔煉廠及嘉義大埔美園區持續擴廠
- 再生鋁持續銷售 → 存貨去化 → 現金穩定流入
- 2026/01 參與土地標售
OPERATING MARGIN (2026 重回成長軌道) 長期目標雙位數利益率
- 15-20% 長期營業利益率目標
- 專注鍛造及再生鋁材的商業服務並聚焦價值型客戶
- 產品ASP隨國際鋁價連動機制持續上行
SEMICONDUCTOR EQUIPMENT (2028年非移動產業應用) 合併營收達總營收40%
- 2026 H2 半導體設備應用開始貢獻營收
- 40% 非移動產業應用營收目標
- 前段先進製程設備零組件鋁材可望通過驗證
- 非移動產業應用營收佔比提升至40%
RECYCLED ALUMINUM (再生鋁佔比突破) 拓展多元市場應用
- 40% 現採用率 (7品牌車廠)
- >50% 2026年底目標 (移動產業應用)
- 近70% 2026年底目標 (合併所有應用)
- RESAICAL® 跨產業客戶採用推進 (半導體、鍛造、擠型)
- 第二座10萬噸鋁熔煉廠年底完工，挺進2027成長動能
Additional Data
簡報大綱
- 2026年第二季營運成果與展望
- 巧新成長策略與目標
- Q&A